Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2011

Deposits, Federal Home Loan Bank Advances and Securities Sold Under Agreement to Repurchase and Other Borrowings [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

12. FEDERAL HOME LOAN BANK ADVANCES

The following is a summary of FHLB advances:

		September 30,		September 30,			September 30,		September 30,
	December 31,
	2011					2010
	(Dollars in thousands)
Year of maturity	Amount		Weighted average rate			Amount		Weighted average rate
2011		n/a		n/a		$	113,210		0.35	%
2012	$	51,269		0.26	%		6,361		1.85
2013		21,443		2.39			22,804		2.48
2014		104		3.70			104		3.70
2015		5,084		2.62			10,084		2.52
2016		67		3.70			67		3.70
Thereafter		50,188		4.20			50,188		4.20
Total Federal Home Loan Bank advances	$	128,155		2.26		$	202,818		1.70

Home Savings has available credit, subject to collateral requirements, with the FHLB of approximately $297.1 million, of which $128.2 million is outstanding. At December 31, 2011, Home Savings would have incurred a prepayment penalty of $8.6 million, if it had chosen to prepay all term advances. All advances must be secured by eligible collateral as specified by the FHLB. Accordingly, Home Savings has a blanket pledge of its one-to four-family mortgages as collateral for the advances outstanding at December 31, 2011. The required minimum ratio of collateral to advances is 145% for one-to four-family loans. Additional changes in value can be applied to one-to four-family mortgage collateral based upon characteristics such as loan-to-value ratios and FICO scores.